Pallet, a unified transportation and warehouse management system, announced an $18 million Series A led by Bain Capital Ventures, with participation from Bessemer Venture Partners and Activant Capital. Angel investors also participated, including Zach Frankel, Toast founders Aman Narang and Steve Fredette, Dutchie CEO Tim Barash, Home Depot board member Manuel Kadre, and Cedar Capital partner John Curtius. Pallet will use the funds to grow its team, expand operations and invest in new enterprise product capabilities. The new funding contributes to a total of $21 million raised to date.
The logistics industry is a cornerstone of the global economy that often operates in the shadows. That is, until something breaks — a delivery is sent to the wrong address, a couch is backordered for months, or a shortage causes car prices to skyrocket. Despite the fact that these operations are mission critical to everyone’s day-to-day lives, the industry remains extremely inefficient and error prone, relying on antiquated and disjointed software solutions that are exacerbated by labor-intensive and manual workflows.
“We started Pallet to bring logistics software into the 21st century,” said Sushanth Raman, CEO and cofounder of Pallet. “I met my cofounder Andrew at Retool, where we were focused on finding inefficiencies in the ways that developers worked and fixing them. We knew we could bring the same thinking to this neglected industry.”
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Pallet’s platform is a unified, AI-powered transportation management, warehouse management, and accounting & billing system. Whether you’re a dispatcher, a warehouse manager, an accountant or a customer service representative, Pallet brings every team together on the same, easy-to-use platform.
Pallet’s core functionality includes:
- Unifying systems and operations: replace disjointed point solutions and run all transportation segments through one system
- Empowering teams with AI: automate repetitive and tedious workflows, and minimize errors around order entry, dispatching, invoicing and billing
- Delivering premium service to customers: track statuses live, provide real-time notifications
Since launching in April 2023, Pallet has earned the trust of leading trucking companies across the country like BLK Out Logistics and Victory Final Mile. Pallet is critical to its customers’ business, with the average Pallet user spending more than six hours per day on the platform. Customers have also seen significant productivity improvements and cost savings. For example, teams have seen nearly 70% reduction in manual-intensive workflows like order entry.
But the work has only just begun. “We know that no two logistics businesses are the same, so their software shouldn’t be, either,” Raman said.
Over the next two years, Pallet will focus on expanding product offerings to meet the needs of larger logistics agents, as well as build out their team by hiring people across engineering, product and go-to-market functions.
SOURCE: Businesswire